TechnoMeter

We are tracking a bullish 5-3 wave pattern for USD/JPY. This is where you have a 5 wave motive wave to start a new trend followed by a three wave partial retracement.

The motive wave began on January 2, 2019 and carried to March 5, 2019. From there, a sideways flat pattern carved in three waves labeled (a)-(b)-(c). The wave structure from the May 13 low appears to be a leading diagonal pattern.
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Since early Jan GBP/JPY has been trading to the upside from the higher-high created on Jan 25 at 144.84, to Feb 7 higher low at 141.01. On Feb 25 the pair opened with an exhaustion gap indicating that the uptrend would end soon.
GBP/JPY started to correct this movement on April 3 carving a lower high at 147.20 and a higher low on April 9 at 144.78, then to start a bearish movement creating on April 12 another lower high at 147.01 with a lower
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GBPUSD: Retail trader data shows 75.8% of traders are net-long with the ratio of traders long to short at 3.13 to 1. In fact, traders have remained net-long since May 06 when GBPUSD traded near 1.30919; price has moved 1.9% lower since then. The number of traders net-long is 11.4% higher than yesterday and 27.9% higher from last week, while the number of traders net-short is 13.4% lower than yesterday and 30.8% lower from last week.